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Economic Times | 27 Aug, 2019 | 08.24AM IST

Traders’ Diary: Nifty has hurdle in 11,250-11,300 zone

The Finance Ministry decision to roll back enhanced tax surcharge on (FPIs and a slew of other measures to boost the economy helped lift Sensex and Nifty higher by over 2% on Monday.

!1 New UpdateClick here for latest updates
08:47 PM

RBI board accepts Jalan panel report, approves surplus transfer of Rs 1.76 lakh cr to govt

Central board of the Reserve Bank of India (RBI) on Monday accepted Bimal Jalan committee's recommendations and approved a surplus transfer of Rs 1.76 lakh crore to the government. The surplus comprises Rs 1,23,414 crore for 2018-19 and Rs 52,637 crore of excess provisions identified as per the revised Economic Capital Framework
07:56 PM

JUST IN

07:50 PM

Podcast: What’s next after Monday’s 793-point rally?

07:41 PM

The measures announced by FM have minimal impact on the fiscal deficit thus bringing much relief to the debt market. Also, monsoon is inching closer to normal and a good harvest season along with festive season is likely to set the domestic market back on its long-term growth trajectory. Additionally, on the global front, Trump welcomed China’s desire for the deal on ongoing trade war at the G-7 summit and the two countries would start negotiating soon. This has given a boost to global financial markets, India included

- Arun Thukral, MD & CEO, Axis Securities

06:32 PM

FIIs still bearish on Indian stocks

FIIs net sell Rs 752.9 cr and DIIs net buy Rs 1,272.29 cr in equities today (provisional)
06:21 PM

Nifty erased the losses of last three sessions and closed above the psychologically important 11,000 level. It negated the formation of lower highs and lows after five sessions and formed a Hammer pattern on the daily scale followed by a Piercing Pattern, which implies a bullish bias. Now it has to hold above the 10,950-11,000 zone to witness an upward move towards 11,111 and then 11,180 levels, while on the downside supports are seen at 11,000 and then 10,929 levels

- Chandan Taparia, Technical & Derivative Analyst, MOFSL

06:20 PM

This rally has further legs to unfold, and immediately, we expect it to get extended towards 11,150–11,250. Traders are advised not to take any contradictory bets and should rather use dips to go long. Ideally, the stock-specific approach would fetch better opportunities and hence one should keep focusing on such potential candidates. 11,000 followed by 10,930 would be seen as immediate supports for the Nifty

- Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking

04:45 PM

After a super volatile session, Nifty closed at 11,058 with a gain of 229 points and formed a bullish pin bar candle on the daily chart. The index managed to close above its strong hurdle of 11,000 level, hinting the bulls are trying to gain an upper hand. The headline index has an immediate hurdle near 11,100-11,180 zone. Any decisive break above 11,180 can push it towards 11,350 in the near term and support is near 11,000-10,930

- Rohit Singre, Senior Technical Analyst, LKP Securities

04:08 PM

The market rallied with Nifty closing 2.1% higher at 11,058. The market rallied on various measures announced by the finance minister on Friday and easing trade tensions between the US and China. Global stock markets were up as Trump and China sought to ease trade war tensions

- Vishal Wagh, Head of Research, Bonanza Portfolio

04:04 PM

The recent volatility indicates excessive pessimism among the participants and we do not see this fading away anytime soon. Besides, we’ve scheduled derivatives expiry on Thursday and that would further add to choppiness. We advise using further rebound to reduce longs as Nifty has strong hurdle at 11,250-11,300 zone

- Ajit Mishra Vice President, Research, Religare Broking

03:35 PM

CLOSING BELL: Sensex swings 1,050 pts, ends 793 pts higher on FM stimulus, hope of US-China thaw; Nifty tops 11K

CLOSING BELL: Sensex swings 1,050 pts, ends 793 pts higher on FM stimulus, hope of US-China thaw; Nifty tops 11K
03:31 PM

India's GDP to grow at 6 per cent in Apr-Jun: Survey

India's economy will grow at a median rate of 6 per cent during the first quarter of the current financial year ended June 30, according to a Ficci report. The country's economy grew at 8.2 per cent in April-June 2018-19. The growth numbers for the first quarter are expected to be released by the Central Statistics Office next week. "The recently released unemployment numbers by NSSO reaffirm the grim situation with regard to employment in the country," said Ficci Economic Outlook Survey.
03:17 PM

In Pics: Market outlook from the eyes of a Bollywood lover

03:16 PM

Top 10 gainers among banking stocks

Price as on 26 Aug, 2019 03:16 PM, Click on company names for their live prices.
02:58 PM

FM likely to announce more support measures for economy: DBS

The government may announce two more tranches of support measures over the next fortnight, following last week's economy boosting package unveiled by Finance Minister Nirmala Sitharaman, according to a report by DBS.

Sitharaman on Friday announced a raft of measures, including rollback of enhanced super-rich tax on foreign and domestic equity investors, exemption of startups from 'angel tax', a package to address distress in the auto sector and upfront infusion of Rs 70,000 crore to public sector banks, in efforts to boost economic growth from a five-year low. (Source: PTI)
02:30 PM

PSU bank gainers

Price as on 26 Aug, 2019 02:30 PM, Click on company names for their live prices.
01:54 PM

Bonds rally as government avoids large fiscal stimulus

Sovereign bonds rose after the government desisted from providing a large fiscal boost to the economy, easing fears it may borrow more to fund the stimulus. The rupee weakened in line with emerging-market peers after the escalation in the Sino-American trade war.
01:19 PM

For people who are patient with their money, in 12-18 months they will look back and say "Wow, that was a good moment to buy stocks

- Ridham Desai, Morgan Stanley

01:09 PM

Kotak Securities on banks

The GoI announced a slew of measures to arrest the slowdown last week. For banks, this includes early capital infusion, better rate transmission, additional support for NBFCs and measures to improve asset quality. These measures are mildly positive but we wait to see if these are sufficient to see a revival in credit growth. Market benchmarked loans are a work-in-progress currently and initial readings suggest a much longer transition period.
12:41 PM

BHEL bags Rs 2,500 cr order from NTPC

Price as on 26 Aug, 2019 12:41 PM, Click on company names for their live prices.
12:32 PM

Pessimists don't retire rich: Basant Maheshwari

12:30 PM

US President says, China called, wants to restart trade talks: Agencies

US President says, China called, wants to restart trade talks: Agencies
12:25 PM

Rakesh Jhunjhunwala on govt support to revive markets: A lot needs to be done

12:19 PM

The Big Take: Shankar Sharma on FM's economic booster package

12:17 PM

I do not think the outflows had to do anything with the tax issue, the tax issue was slightly a different problem. The problem was that while at on one hand we are trying to incentivise more foreign investments into the country on the other hand we end up putting a tax which almost everybody in the government acknowledged post budget was not intended

- Ridham Desai, managing director, Morgan Stanley India

12:08 PM

The US-China trade war with new tariff announcement has pushed gold and silver prices to a new six-year high as investors rushed for safe-have assets. Depreciating Indian rupee also helped the rise in prices. We expect the current trend to continue for gold and silver. On the MCX, the Gold is likely to move towards 39,900 to 40,000 levels. Saying that 38,800 and 39,000 act as a strong crucial support levels for gold on the downside. Similarly we expect positive trend to continue for silver with prices expected to move higher towards 48,000 levels in coming days with 45,900 and 46,200 as support levels on downside

- Pritam Kumar Patnaik, Head Commodities, Reliance Commodities

11:42 AM

Top 10 NSE losers

Price as on 26 Aug, 2019 11:42 AM, Click on company names for their live prices.
11:18 AM

Plan to issue FX sovereign bond on back burner: Govt sources

Plan to issue FX sovereign bond on back burner: Govt sources
11:10 AM

Yuan slumps to 11-year low as investors flee trade war risk

China’s yuan hit an 11-year low in onshore trade and tumbled to a record low in offshore trade after a sharp re-escalation in the US-China trade war whacked investor confidence and darkened the global economic outlook.
10:39 AM

L&T bags 'significant' order from NTPC to set up FGD system at MP plant

Price as on 26 Aug, 2019 10:39 AM, Click on company names for their live prices.
10:29 AM

Top brokerages on govt's stimulus package

ELARA CAP
  • Liquidity enhancing measures should revive demand at margin
  • Economic recovery however some time away
  • Decision on LTCG may lead to arrest in FII outflows
  • Expects INR to see some stability after bearing the brunt of weak growth fundamentals
  • Expects the Monetary Policy Committee to cut repo rate by an additional 40-50bp this fiscal
  • Measures are sentimentally positive and are likely to act as a soothing balm to help stabilize the markets

JM FIN
  • In a not so unanticipated move, Fin Min announced measures to revive economy
  • Important to note that Govt is not turning a blind eye to the slowdown
  • Preponnement of demand in autos (PVs from fleets, LCVs) can help reduce excess inventory
  • Faster payment of GST refunds to MSMEs can help address some amount of liquidity concerns
  • More measures seem to be coming to revive the real estate sector
  • Not far away from fundamental buying levels if there are no big cuts to earnings from here
  • Amongst segments of the markets, the small/midcap is at a discount to large cap

MOTILAL OSWAL
  • Booster from FM’s desk has come, more to follow
  • Comprehensive package to lift growth and sentiment from Govt announced
  • Will serve well to boost sentiment, which has been impaired of late due to economic slowdown
  • Govt willingness to take feedback and act promptly may offset the pessimistic market narrative
  • Timing-wise, it has come just ahead of the beginning of a long festival season
  • Expectations of more measures over the next two weeks will likely drive a short-term bounce
  • Sticking to fiscal prudence will ensure that the bond yields may ease from current levels
  • Corporate Banks, NBFCs, Autos are the key beneficiaries of the measures unveiled

KOTAK
  • Several positive announcements by the government to improve sentiment
  • Surplus liquidity and repo-linked interest rates may lead to lower interest rates
  • Lack of fiscal stimulus may disappoint sections of the industry and market
  • Structural reforms can turn an adverse global situation into an once-in-a-lifetime opportunity
  • China-US trade issue escalation will hurt global growth and investment mood

CLSA
  • Measures unveiled to help improve investor, business sentiments
  • Government says ‘we care’
  • Measures announced by the government and expectations for more over the next couple of weeks will likely improve investor sentiment
  • Government has given a clear signal that it acknowledges an economic slowdown
  • Note that the measures announced so far are revenue-neutral/insignificant from a fiscal perspective.
  • ‘Facilitating wealth creators’ headline of the first slide assumes importance
  • Government has now decided to not proceed with criminalisation of CSR
  • For the housing sector, the minister promised to announce help for resolving the issue of stuck projects next week
  • Economic outlook will depend on how big the measures to boost housing turn out to be in future as well
10:21 AM

Gold futures jump to record, silver at 3-year high

Gold prices in India jumped 1 per cent on Monday to record levels, following gains in overseas markets and as the rupee fell to the lowest level in 2019, dampening retail demand further in the world's second-biggest consumer of the precious metal, dealers said.
Gold futures jump to record, silver at 3-year high
10:14 AM

I do not think the entire FPI inflow will come back a good portion of it could come back -- between $1-2 billion -- over the next two to three months.

- Saurabh Mukherjea

10:10 AM

Top 10 BSE losers

Price as on 26 Aug, 2019 10:10 AM, Click on company names for their live prices.
10:00 AM

Rupee slips 42 paise to 72.08 vs dollar in early trade

The rupee on Monday declined by 42 paise to 72.08 against the US currency in early trade, due to strong dollar demand from banks and importers amid unabated foreign fund outflows.

Forex trader said the local unit came under pressure after the latest escalation of the US-China trade war.

Meanwhile, on Monday, China's currency slid to its lowest point in over 11 years amid concerns over global recession and the US trade war.
09:58 AM

PSU Bank index off 4% from day's high

PSU Bank index off 4% from day's high
09:39 AM

Will see significant outperformance as global volatility subsides: Sabharwal

09:31 AM

FM has taken steps in the right direction

- S Naren

09:31 AM

YES Bank, Voda Idea, ALL among most active stocks on NSE

Price as on 26 Aug, 2019 09:31 AM, Click on company names for their live prices.
09:28 AM

Podcast: Let's talk business & markets

09:19 AM

OPENING BELL: Sensex surges 500 pts, Nifty above 10,950; SBI, YES Bank jump 6% each

OPENING BELL: Sensex surges 500 pts, Nifty above 10,950; SBI, YES Bank jump 6% each
09:03 AM

Pre-open session: Sensex rallies 900 points, Nifty tops 11,100

Sensex rallies 900 points, Nifty above 11,100; rupee opens at 72.06 against US dollar.
08:55 AM

Singapore trading sets stage for gap-up start

Nifty futures on the Singapore Exchange were trading 56.50 points, or 0.53 per cent, higher at 10,886, indicating a gap-up start for Dalal Street.
08:54 AM

Tech view: Nifty forms Piercing pattern

A Piercing pattern has bullish connotations, provided the index attracts follow-through buying, said analysts. In case Friday’s gains sustain, the initial targets would be around 11,059 level, while Friday’s low of 10,637 will be critical support, analysts said.
08:54 AM

Asian shares sink on Trump’s war on trade

Asian shares sank on Monday as the latest salvo in the Sino-US trade war shook confidence in the world economy and sent investors steaming to the safe harbours of sovereign bonds and gold, while slugging emerging market currencies. Japan's Nikkei lost 2.3 per cent, while Shanghai blue chips fell 3.2 per cent. Hong Kong’s Heng Seng slumped 3.2 per cent.
08:54 AM

FM rollbacks FPI tax surcharge

The FM unveiled a slew of measures post market hours on Friday to provide the much-needed healing touch to the economy and markets. She announced the much-awaited withdrawal of new tax surcharge, restoring the pre-Budget provision on long and short-term capital gains for both overseas and domestic investors.
08:54 AM

Trump announces higher tariffs on China goods

US President Donald Trump said the tariff on $250 billion of imports already in place will be raised to 30 per cent from 25 per cent on October 1. He said the remaining $300 billion worth of goods will attract 15 per cent tax (and not 10 per cent) from September 1. He also asked US companies to look for alternatives.
08:54 AM

Confusion at G7 meeting over tariffs

At the G7 meeting in France over the weekend, Trump caused some confusion by indicating he may have had second thoughts on the tariffs. But the White House said on Sunday that Trump wished he had raised tariffs on Chinese goods even higher last week, even as he signalled he did not plan to follow through with a demand that US firms close operations in China.
08:53 AM

Fed says it will ‘act appropriately’

In Jackson Hole, Fed Chair Jerome Powell stopped short of giving the markets a clear path ahead on policy rates. He did say that the US central bank will act as appropriate but noted that it could not set all that right through monetary policy, if the trade war hit business investment and confidence and contributed to deteriorating global growth.
08:53 AM

Oil price drops in early trade

Oil prices fell, pushing US crude to its lowest in more than two weeks, as a ratcheting up of tensions in the US-China war knocked confidence in the global economy. Brent crude was down 89 cents, or 1.5 per cent, at $58.45 a barrel, having earlier touched $58.24, the lowest since August 15.
08:53 AM

RBI board meet today

The Jalan Panel has submitted its report and the board of the Reserve Bank of India will consider the same on Monday, ETNOW reported. The Jalan Committee was constituted to suggest appropriate reserves that RBI should maintain and dividends it should pay to the government.
08:53 AM

US stocks tanked on Friday

On Friday, the Dow Jones Industrial Average lost 623.34 points, or 2.4 per cent, to 25,628.90. The average briefly dropped 745 points. The Dow has had five declines of 2 per cent or more this year, with three of them coming this month. The Nasdaq gave up 239.62 points, or 3 per cent, to 7,751.77.
08:53 AM

FIIs sell Rs 1,737 cr worth equities

Net-net, foreign portfolio investors (FPIs) were sellers of domestic stocks to the tune of Rs 1,737.20 crore on Friday, data available with NSE suggested. DIIs were net buyers to the tune of Rs 1,548.49crore, data suggests.
08:52 AM

Sensex on Friday

BSE Sensex closed 228.23 points, or 0.63 per cent, higher at 36,701.16, while NSE Nifty ended at 10,829.35, up 88 points or 0.82 per cent.
08:51 AM

Good Morning, dear reader! Here's something to kickstart your trading day

Good Morning, dear reader! Here's something to kickstart your trading day
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